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 Financial PR agency Buchanan London and JWT Group MENA have scrapped the joint venture that led to Buchanan Middle East, and will stop using the Buchanan brand for the regional operation.
The Middle East agency formerly known as Buchanan Middle East has been rebranded as “BME”, effective this month, and will no longer offer financial public relations in the region, focusing instead on corporate and consumer PR.
According to BME chief executive Nagib Badreddine, JWT and Buchanan, both WPP companies, started discussions on the future of the partnership early this year, as a result of the financial downturn which saw the vast majority of regional IPOs cancelled or postponed, effectively wiping out Buchanan’s main source of business and area of expertise.
JWT and Buchanan, a UK-based agency specialising in financial and investor relations for companies looking to float on stock exchanges, originally formed the JV in 2006 to tap into the growing number of regional IPOs, particularly in Saudi Arabia. In the deal, the existing JWT PR operation came under the Buchanan brand, and retained its existing roster of regional consumer and corporate clients, such as Arab Business Machines and Nestle.
Samantha Bartel, formerly MD of Buchanan Middle East, has been replaced by Hameed Halawani, previously the director in charge of consumer PR at the agency. James Strong, who was brought in from Buchanan London to head up the financial PR side, has returned to Buchanan in the UK.
“The coming together of PR at JWT and Buchanan London was driven and vetted by WPP which controls both companies. The JV took place in 2006, and Buchanan Middle East was established, adding to the offerings of PR at JWT financial PR services and consulting,” said Badreddine in a statement.
“The recession and its impact on the financial market among other distressed industries impacted the financial PR offerings of Buchanan Middle East. The board of directors agreed to rethink the JV. Today the company is successfully operating under the name of BME offering PR services, while financial PR requirements will be managed through collaboration with Buchanan London as and when needed,” he added.
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